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16 Aug 2016

Gawker Media's bankruptcy auction: Possible Buyers

Gawker Media, an online media company, is up for sale, and here are its potential buyers.

American publishing and internet company Ziff Davis LLC put in a $90 million bid.

Other bidders include Spanish language media company Univision, the New York Magazine, Vox Media, and Penske Media, although the amounts of their bids are unknown.

In context

Gawker Media's Demise

Gawker Media

What is Gawker Media?

Incorporated in the Cayman Islands in 2012 by Nick Denton, Gawker Media is an online media company which manages a network of blogs.

Its blogs include Gizmodo, Kotaku, LifeHacker, Gawker.com, Deadspin, Jalopnik and Jezebel.

According to 2014 figures, Gawker Media had an annual revenue of $45 million.

However, in June 2016, it filed for bankruptcy protection after losing a court case against Hulk Hogan.

Quentin Tarantino sues Gawker Media

In January 2014, maestro Hollywood film director Quentin Tarantino filed a copyright lawsuit against Gawker Media for leaking the 146 page script of Tarantino's upcoming film, The Hateful Eight.

The Hulk Hogan v/s Gawker Media Case

Details

The Hulk Hogan v/s Gawker Media Case

In 2012, Gawker Media posted a sex tape of former wrestler Hulk Hogan.

Hulk Hogan sent Gawker Media cease-and-desist order, but the company refused, following which Hogan sued Gawker for $100 million in damages.

In March 2016, the jury ruled in favour of Hogan, asking Gawker to pay $140 million in damages to Hogan.

Gawker appealed in April, and has now lost the case.

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Daily Mail sues Gawker Media

British newspaper The Daily Mail sued Gawker Media on grounds on defamation after it published a narrative by a former Daily Mail employee criticizing the Mail's journalistic standards. The Daily Mail stated that the article contained "blatant, defamatory falsehoods intended to disparage The Mail."

16 Aug 2016

Gawker Media's bankruptcy auction: Possible Buyers

Gawker Media, an online media company, is up for sale, and here are its potential buyers.

American publishing and internet company Ziff Davis LLC put in a $90 million bid.

Other bidders include Spanish language media company Univision, the New York Magazine, Vox Media, and Penske Media, although the amounts of their bids are unknown.

Univision wins auction for Gawker Media

17 Aug 2016

Univision wins auction for Gawker Media

At the auction on 16th August, 2016, Gawker Media was sold to Univision for $135 million.

Univision beat digital media publisher Ziff Davis for the same. The sale will be officially approved by a bankruptcy judge at a hearing, later this week.

The sale of Gawker Media gives the company an outside owner for the first time since it was founded (14 years ago).

04 Nov 2016

Hulk Hogan and Gawker Media settle for $31 million

Former professional wrestler Hulk Hogan and accused Gawker Media reached a cash settlement of $31 million.

Gawker Media was accused of leaking Hulk Hogan's sex tape for which Hogan had won a $140 million judgment.

The current settlement also entitles Hulk to receive a part of Gawker.com's future sale, the one which was excluded in its sale to Univision.

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